Hemant Mishra/Mint

The corporate insolvency and resolution process (CIRP) initiated against Jaypee Infratech Ltd under the Insolvency and Bankruptcy Code, 2016, has triggered an amendment in the insolvency code itself. Earlier, the code did not include homebuyers of under-construction projects as creditors under any category. However, according to the amendment carried out on 16 August, homebuyers of various under-construction projects of Jaypee Infratech were asked to file their claims as creditors. But their rank in the hierarchy of creditors was lower than that of financial and operational creditors. 

To accommodate the interests of homebuyers as creditors, a separate formForm Fhas been issued. This form is for creditors who dont fall …

Read the full article at: http://www.livemint.com/Money/Ay0wMvvc71j6V6fwn64XeN/Homebuyers-are-now-creditors-of-builders.html